Tuesday, 28 February 2017

It
is no secret that the changes brought by the digital era are making brands
fight for space in new and crowded markets. New technologies are being born every
second and the companies need to think of innovative way of incorporating them
to their strategies, in order to stand out from the crowd.

One
type of innovation that is already increasingly adopted in different markets is
Virtual and Augmented Reality technology. VR represents the device that creates
a whole new digital world, where the user is immersed in, while AR incorporates
digital elements to the real world.

Thinking
about this, here are a few ways in which the advancement of VR and AR
technologies can impact brands within different markets:

Entertainment Industry

Probably
one of the industries that takes advantage of this innovation the most. Virtual
Reality spaces are being created more and more each day to promote movies, TV
shows and specially games. So it is a great marketing tool that sets products
apart from others. Recently, brands like Live Nation
Channel and Samsung are partnering up to transmit live concerts through the Next VR app.

Prototyping

The
use of VR and AR is already revolutionizing the prototypes. Through VR
experiences, companies are able to show what they are building and also present
their products to the customers without the need of a physical store. This new
level of prototyping is making it easier for companies to get feedback on the
product in early stages of development, which implies a huge improvement in
production.

Healthcare

In
the healthcare industry, Virtual Reality can enormously improve the service
offered by professionals. One example is the use of controlled environments in
therapy. It usually helps people to overcome their phobias by immersing the
patients in virtual reality experiences where the doctors can actually examine
patient’s reactions.

Market Research

Virtual
Reality environments are also helping marketing departments to understand their
audience in a better way. According to OgilvyAction study, 39% of purchase
decisions are made right before buying, so it is helpful for marketers to know
how people behave in store, by reproducing this environment virtually.

It is clear that brands should start
thinking about how technologies such as VR and AR can bring benefits to their
companies, in order to build a strong customer experience that can make them
breakthrough in the ever changing digital world.

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About us

Greater Manchester Chamber is the largest Chamber of Commerce in the UK. We offer a range of support services which members can access to help their business grow and compete. We also gather their opinions on business issues and lobby decision-makers locally, regionally and nationally to make sure members’ views are heard and acted upon.